1. Upon receipt of an application and letter of eligibility pursuant to paragraph (c) of subsection 5 of NRS 704.7876, the Commission shall:

(a) Review the application;

(b) Establish the rates which may be charged to the applicant by the electric utility that will serve the load of the applicant; and

(c) In addition to the terms required by subsection 3, establish any additional terms which must be included in the contract between the applicant and the electric utility.

2. Before any applicant enters into a contract with an electric utility pursuant to the Program, the applicant shall:

(a) Provide to the electric utility that will serve the load of the applicant access to the applicant’s facility or plans for the facility for the purpose of the electric utility making recommendations concerning the energy efficiency of the facility; and

(b) Provide proof satisfactory to the Commission that the new load under the contract will have an annual load factor of 50 percent or more for each year of the term of the contract.

3. An applicant may participate in the Program pursuant to a contract which is entered into by the applicant and the electric utility that will serve the load of the applicant and which is approved by the Commission. A contract entered into pursuant to this section must include provisions setting forth:

(a) The term of the contract, which must be 10 years;

(b) The term of the discounts applicable under the Program, which must be 8 years;

(c) The rates to be paid for electricity by the participant;

(d) That the discount approved by the Commission does not apply to up-front costs, the base tariff general rate, any otherwise applicable tariff or any taxes, surcharges, amortization or program rate elements;

(e) The deposit requirements, which must be based on the rates applicable under the second year of the contract;

(f) That the participant ceases to be eligible for any discounted rates for electricity if the participant fails to satisfy any requirements set forth in the contract or NRS 704.7871 to 704.7882, inclusive, or any regulations adopted pursuant thereto; and

(g) Any additional requirements prescribed by the Commission.

4. An electric utility shall prepare a contract to be entered into by the electric utility and a participant and submit the contract to the Commission for approval. Upon approval of the contract by the Commission, the electric utility and the applicant may enter into the contract and the applicant may participate in the Program. The Commission shall forward a copy of the approved contract to the Office of Economic Development.

(Added to NRS by 2013, 3209; A 2014, 28th Special Session, 8, 10)